It’s no secret that housing prices in the U.S. have soared for homeowners and renters alike.
In 2023, rents were deemed unaffordable for 22.6 million households, the highest-ever recorded number, according to NerdWallet, and in many places, prices keep increasing.
But rent isn’t as burdensome in every state. WalletHub set out to find where renters spend the most and least to keep a roof over their head. It analyzed the cost of rent and utility bills across all 50 states to create its list.
“In some states, housing costs can take up around 50% of the median income,” said WalletHub analyst Chip Lupo.
Continue reading to see where people are shelling out the most and least on rent, and the average share of their monthly income they spend to pay rent each month.
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Maine renters spend an average of 41.78% of their monthly household income on housing.
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Florida renters spend an average of 42.64% of their monthly household income on housing.
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Massachusetts renters spend an average of 48.78% of their monthly household income on housing.
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Hawaii renters spend an average of 52.88% of their monthly household income on housing.
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New York renters spend an average of 54.52% of their monthly household income on housing.
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Oklahoma renters spend an average of 21.63% of their monthly household income on housing.
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Minnesota renters spend an average of 21.11% of their monthly household income on housing.
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Wyoming renters spend an average of 19.64% of their monthly household income on housing.
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Iowa renters spend an average of 19.32% of their monthly household income on housing.
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Kansas renters spend an average of 19.11% of their monthly household income on housing.
